Policy Makers Expect Last Rate-Increase Cycle Will Have a Lagging Impact on Prices

SÃO PAULO—Brazil's central bank left its benchmark interest rate unchanged Wednesday at 11%, on the expectation that the yearlong cycle of rate increases that ended last May will start to bring down inflation amid slowing economic growth.

The policy decision was unanimous, the bank's spokesman said, repeating wording from the previous meeting's statement that the bank decided "at this time" to keep the Selic rate unchanged....